Saturday Morning Iraq Economic News Highlights 4-29-23

Saturday Morning Iraq Economic News Highlights 4-29-23

The Budget And "Important" Laws Related To Investment And The Economy Are On The Meeting Table Of The Presidency Of Parliament

Money  and business   Economy News – Baghdad   The Presidency of the House of Representatives stressed, on Saturday, the importance of enacting the budget law, while pointing to the need to ratify and approve the agreements requested by the government.

A statement by the Parliament's media office stated, "The Presidency of the Parliament held its meeting under the chairmanship of Parliament Speaker Muhammad al-Halbousi and the presence of the first deputy speaker of the parliament, Mohsen al-Mandalawi, and the deputy speaker of the parliament, Shakhwan Abdullah."

The statement added that "during the meeting, a number of issues related to the Council's work were discussed, the most important laws presented in the committees, and an emphasis on the importance of its legislation during the coming period, including the Federal General Budget Law, and other important laws related to many sectors such as investment, economy, agriculture, security and social welfare, In addition to ratifying and approving the agreements requested by the government.

https://economy-news.net/content.php?id=33882

Parliament Is Likely To Read The 2023 Budget Only, Without The Next Two Years

Today, Saturday, Parliament suggested reading the 2023 budget without 2024 and 2025.

Representative Amir Al-Mamouri said, “All the hosts of officials regarding the budget included a representative of the prime minister,” stressing that “the Sudanese will be hosted if the matter is called for.”

He added, "The current budget is an explosive budget, and it included many unplanned expenses, so it needs to be prepared, organized and arranged in the required manner and in accordance with the requirements, prepared programs and priorities, to be ripened and voted on during the specified period."

Al-Mamouri suggested by saying: “There may be a reading of the 2023 budget only, reading and not reading other budgets, since there is a political dispute regarding this paragraph.”

https://takadum-news.com/archives/161739

Government Financial Advisor: The Price Of The Dollar Will Settle At 130,000 Dinars In The Coming Days

The government's financial advisor, Mazhar Muhammad Salih, suggested that the dollar exchange rate would stabilize at 130,000 dinars in the next few days

Muhammad Salih said in a press interview, which was seen by “Takadum”, that “the monetary policy of the Central Bank of Iraq has recently achieved remarkable success in applying the “compliance platform”, which subject foreign currency transfers to international compliance controls, transparency and high governance, all of which are in the interest of Iraq while knowing the trends of Foreign currency, its transfers and trends, and the interest of the national economy.

And he pointed out, “The central bank’s window sales reached the high stable rate, and stability actually provides a convergence between the official exchange rate and the parallel market rate in “banking offices.” On this basis, we note that the official exchange rate approached the market price, albeit gradually, towards the official price, and the coming days witness an acceleration greater in stability.”

And the government advisor continued, that the “compliance platform”, which was launched recently, has achieved wide and great success, and the market has adapted to its requirements, and it is expected that the dollar exchange rate will stabilize at 130,000 dinars in the next few days.

https://takadum-news.com/archives/161623

Washington Renews Its Support To Help Iraq To Start Construction Operations

Time: 04/29/2023   {Local: Al Furat News} Today, Saturday, the US Ambassador to Iraq, Alina Romanowski, affirmed her country's commitment to its duties before the Iraqi people to properly establish investment projects.

The governor of Anbar, Ali Farhan al-Dulaimi, said during a joint press conference with the US ambassador, "The visit of the US ambassador is the first to the province, as the visit schedule includes a meeting with the local government and a visit to a number of projects implemented by the US Agency for Development, including energy projects and infrastructure projects." In general, the ambassador will also meet the sheikhs and dignitaries of Anbar province and youth organizations.

Al-Dulaimi added, "The United States of America has a very big role in supporting Iraq in general through the international coalition in expelling and liberating Iraq from terrorist gangs and contributing with the security forces and the popular crowd in military operations. It also has contributions with the international community in removing mines and explosive devices left behind." ISIS terrorist gangs in the cities, facilitated the entry process, and then started construction and stabilization operations.

He continued, "The United States of America has also worked to provide support through other international organizations operating in Iraq, and to establish a large number of projects in the province."

He pointed out that "the local government contributed to providing the required projects to all organizations according to specialization and funding, and thus we succeeded in implementing a large number of vital, important and strategic projects in the governorate, including the construction of a large number of bridges, infrastructure and education projects."

For her part, the US ambassador said, "The meeting with the governor and the people of Anbar came to focus on priorities, on how to provide possible and direct support to Anbar Governorate and the Iraqi people in general."

And she stressed that "the United States of America is committed to its duties before the Iraqi people, to preserving the sustainability of the defeat against the terrorist gangs of ISIS, and to establish investment projects in the right manner to support Anbar Province."

She stated that "one of the most important things that ambassadors do in general to represent their countries in the best way is to visit the different regions of the countries in which they are present, and we here in Iraq are working to achieve this goal."   LINK

The First Government Comment On Currency Smuggling Through Electronic Payment Cards

Baghdad today - Baghdad   Today, Saturday, Mazhar Muhammad Salih, the economic advisor in the Iraqi government, commented on the smuggling of dollars through the "electronic payment card."

Saleh told (Baghdad Today) that "after strict controls were put in place by the central bank and the government that prevented currency smuggling outside the country, some people worked to use electronic payment methods and provide travelers with prepaid or credit cards under the pretext of feeding the need of the beneficiary traveler for the currency." foreign countries, specifically for the purposes of tourism and travel," noting that "this matter was also revealed, and there is a strong follow-up to it."

He pointed out that "there are those who work to smuggle currency by withdrawing money from ATMs in mostly foreign countries and using its liquidity that indicates the rights of others and for the benefit of one beneficiary or a group of beneficiaries from the elements of crime, including its later use in black transfers."

The government advisor stated that "these actions contradict the laws of combating money laundering, crime and terrorism funds."

Saleh emphasized that "anyone who works to smuggle currency through this method will expose himself to accountability and legal accountability, and there are many cases that have been detected and work is continuing to prevent any cases of currency smuggling in any way."

Earlier, the Customs Authority revealed that it had thwarted attempts to smuggle more than $5 million using electronic payment cards. LINK

Jamal Cougar: The Budget Will Be Approved When The Fiscal Deficit Is Reduced

Economy   13:54 - 2023-04-29  A member of the Parliamentary Finance Committee, Representative Jamal Cougar, confirmed, on Saturday, that his committee will continue to host executive officials in the government to pass the budget, indicating that setting the date for approving the budget depends on an agreement to reduce the budget deficit to reasonable limits.

Cougar said in a press statement, "Since last Wednesday, the Finance Committee has begun to amend the paragraphs and articles within the federal budget in accordance with its constitutional powers."

He added, "The committee formed several committees for the purpose of hosting executive officials to discuss their financial allocations in the budget to speed up the process of completing the amendments according to the requests they submitted in advance," noting that "the work of the committees will not take long due to the existence of a political consensus."

He explained that "the committee is conducting an in-depth study for the purpose of reducing the fiscal deficit in the federal budget and bringing it to reasonable numbers. https://kirkuktv.net/AR/Details/14940     

The Decline In Dollar Prices In Baghdad And Its Stability In Erbil

2023-04-29 02:18  Shafaq News/ The exchange rates of the US dollar decreased against the Iraqi dinar, today, Saturday, in the main stock exchange in the capital, Baghdad, while it stabilized in Erbil, the capital of Kurdistan Region.

Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 141,200 Iraqi dinars for 100 US dollars this morning.

While the prices last Thursday morning were 141,400 dinars for 100 dollars.

Our correspondent indicated that the buying and selling prices decreased in the exchange shops in the local markets in Baghdad, as the selling price reached 142,250 Iraqi dinars per 100 US dollars, while the buying prices amounted to 140,250 Iraqi dinars per 100 US dollars.

In Erbil, the capital of the Kurdistan Region, the price of the dollar recorded stability, as the selling price reached 141,650 dinars against the dollar, and the purchase price was 141,300 dinars against 100 dollars.   LINK

Integrity Implements Another Link In Muthanna, And The Result Is The Seizure Of Millions Of Dinars

Baghdad-Iraq today:  The Federal Integrity Commission announced the seizure of cases of embezzlement and abuse in real estate grants allocated to the families of martyrs in Wasit Governorate, while it seized a number of those accused of bribery in Al-Muthanna Governorate.

A statement by the Commission's Investigation Department stated that its field services team in Wasit Governorate, when auditing transactions at the Martyrs Foundation - the governorate branch, was able to control cases of embezzlement and abuse in real estate grants allocated to the families of martyrs, amounting to (7) billion dinars and (210) million dinars.

And she continued, that the team's investigations led to the discovery of the presence of (26) instruments worth (292) million dinars that were issued by the former director of the institution's branch in the governorate, contrary to the instructions and controls and before the date set for disbursement, confirming that judicial approvals had been obtained to seize checks, transactions and daily records, and included in the seizure report. fundamentalist; in order to present it to the investigating judge.

On the other hand, the department indicated that the staff of the Commission's investigation office in Al-Muthanna governorate was able to apprehend three persons accused of bribery in flagrante delicto while they were trying to receive sums of money from employees of the governorate's police. Coordination meeting with employees of the governorate office; For the purpose of purchasing plots of land allocated to associates, and then replacing them with plots with a better location located in the center of the province.

The statement concluded that the operation resulted in the arrest of the defendants red-handed while they were receiving the amounts of bribes agreed upon in advance, and their statements were duly recorded.In order to present them, along with the seized secretions, to the competent investigating judge. LINK

The Federal Integrity Commission announced the seizure of cases of embezzlement and abuse in real estate grants allocated to the families of martyrs in Wasit Governorate, while it seized a number of those accused of bribery in Al-Muthanna Governorate.

A statement by the Commission's Investigation Department stated that its field services team in Wasit Governorate, when auditing transactions at the Martyrs Foundation - the governorate branch, was able to control cases of embezzlement and abuse in real estate grants allocated to the families of martyrs, amounting to (7) billion dinars and (210) million dinars.

And she continued, that the team's investigations led to the discovery of the presence of (26) instruments worth (292) million dinars that were issued by the former director of the institution's branch in the governorate, contrary to the instructions and controls and before the date set for disbursement, confirming that judicial approvals had been obtained to seize checks, transactions and daily records, and included in the seizure report. fundamentalist; in order to present it to the investigating judge.

On the other hand, the department indicated that the staff of the Commission's investigation office in Al-Muthanna governorate was able to apprehend three persons accused of bribery in flagrante delicto while they were trying to receive sums of money from employees of the governorate's police. Coordination meeting with employees of the governorate office; For the purpose of purchasing plots of land allocated to associates, and then replacing them with plots with a better location located in the center of the province.

The statement concluded that the operation resulted in the arrest of the defendants red-handed while they were receiving the amounts of bribes agreed upon in advance, and their statements were duly recorded.In order to present them, along with the seized secretions, to the competent investigating judge.    LINK

Iraqi News Highlights Friday Afternoon 4-28-23

Iraqi News Highlights Friday Afternoon 4-28-23

Tlm724 Administrator Bondlady’s Corner

Washington Renews Its Commitment To Partnership With The Iraqi Government

Iraq   Friday, April 28, 2023 1:03 PM  Baghdad / National News Center  Today, Friday, US Ambassador Elena Romanowski expressed her country's commitment to partnering with the Iraqi government to ensure the health and safety of workers as they seek to earn a living.

Romanowski said in a tweet on the “Twitter” platform, followed by the / National News Center /, that “on the Day of Safety and Health at Work – the US government, including both the US Embassy in Baghdad and the US Consulate General in Erbil, is committed to partnering with the Iraqi government to ensure the health of and the safety of workers as they seek to earn a living, secure themselves and their families, and achieve their dreams.”

It is worth noting that several political calls have been issued recently to initiate the adoption of the Social and Health Security Law, in order to avoid exposing workers to “grave dangers.”

https://nnciraq.com/202213/

The Investment Is Discussing The (Conciliation) Initiative With The European Union Delegation To Support Economic Reform And Development In Iraq

Friday 28, April 2023 07:24 | Economical Number of readings: 493 Baghdad / NINA /- The head of the National Commission for Investment, Haider Makiya, discussed with a delegation of representatives of the countries of Germany, France, Italy, the Netherlands, Finland and Sweden, members of the European Union, the "Tawfiq" initiative aimed at enhancing coordination in the paths of development cooperation in the field of investment between the countries of the European Union and Iraq.

The meeting discussed, according to a statement by the Commission, ways to contribute to enhancing the levels of the Iraqi economy, local economic policies and the extent of their compatibility with European policies and the possibility of creating an attractive investment environment for European business and projects in Iraq

.🔺Access to financing

🔺Business and project development

🔺An enabling environment for investment.

The statement added that the meeting concluded with the necessity of coordinating joint efforts and defining a map of action with representatives of the member states of the European Union in order to develop the national investment sector and expand the horizons of bilateral relations with European capitals and companies specialized in pioneering projects

Multiple specializations with European countries interested in a certain type of investment projects inside Iraq, such as renewable, industrial, residential energies, and others./ End 2

https://ninanews.com/Website/News/Details?key=1049732

Legal Expert: The Supreme Judicial Council And The Government Are Able To Recover The Looted Iraqi Funds And Recover The Criminals Immediately

Friday 28, April 2023 | General Number of readings: 477  Baghdad / NINA / - The legal expert, Counselor Salem Hawas, affirmed: The Supreme Judicial Council and the government are able to recover the looted funds of Iraq and recover the criminals immediately.

And he said in a statement: The management of the Iraq Money Recovery Fund is responsible for providing the House of Representatives with periodic reports on its follow-ups in recovering public money, especially outside the country. Wherever they are.

He pointed out: The provisions of Article 14 of the Law and its amendment No. 7 of 2019 obligated the government, when concluding investment or economic agreements with any country that has funds for Iraq, to​​include the provisions of the Money Recovery Law, including the funds that fled after 2003 due to major corruption operations.

The President of the Supreme Judicial Council, Judge Dr. Faeq Zaidan, met yesterday, Thursday, with the Prime Minister, Muhammad Shia'a Al-Sudani.

A statement by the Supreme Judicial Council stated that the two sides discussed following up the legal measures taken in cases of financial and administrative corruption, recovering funds, and arresting fugitive suspects inside and outside Iraq./ End 3

https://ninanews.com/Website/News/Details?Key=1049777

SOMO: Exporting Two Million And 770 Thousand Tons Of Fuel Oil Since The Beginning Of 2023

Energy     Economy News – Baghdad  Today, Friday, SOMO Oil Marketing Company announced the exported quantities of fuel oil since the beginning of this year.

The company's media office said, "Sumo is implementing a mechanism for selling fuel oil products based on the contracting methods stipulated in Article 4 of the controls for implementing contracts for importing and exporting petroleum products."

He added, "Selling and contracting takes place on all quantities available for export by sending a direct invitation to discreet international companies for specialized Iraqi companies to submit their competitive price offers to buy fuel oil products," continuing: "The best offered prices are chosen, which would maximize the country's revenues."

He pointed out that "the exported quantities of fuel oil products have reached two million and 770 thousand tons since the beginning of this year."  https://economy-news.net/content.php?id=33877

Oil Prices Are Heading For A Second Weekly Decline Amid Recession Fears

Economy| 08:54 - 04/28/2023  Baghdad - Mawazine News  Oil prices were little changed on Friday, but were set to post a second straight weekly decline as disappointing economic data in the world's largest user of crude oil and uncertainty about a rate hike raised concerns about future fuel demand.

And by 0156 GMT, Brent crude futures for June delivery rose 16 cents, or 0.2 percent, to $ 78.53 a barrel. These contracts expire on Friday, and the most traded contract for the month of July rose 21 cents, or 0.3 percent, to $78.43 a barrel.

US West Texas Intermediate crude rose 23 cents, or 0.3 percent, to $74.99 a barrel.

Brent crude is set to decline this week by 3.8 percent and has fallen 9.1 percent in the past two weeks. WTI is also set to fall 3.8% this week, bringing its two-week decline to 9.4%.

Data showed that US economic growth slowed more than expected in the first quarter, but jobless claims fell in the week ending April 22.

Investors also fear that interest rate increases that central banks may introduce in the framework of combating inflation may slow economic growth and weaken energy demand in the United States, Britain and the European Union.

The Federal Reserve (the US central bank), the Bank of England and the European Central Bank are expected to raise interest rates at their next meetings. The Fed meets on the second and third of May.

On the supply front, Russian Deputy Prime Minister Alexander Novak said on Thursday that the OPEC+ alliance sees no need for an additional oil production cut even though Chinese demand came in lower than expected, but added that the group is always able to adjust its policy if necessary.

The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, announced this month a total production cut of about 1.16 million barrels per day.

The market rebounded after the OPEC + announcement, but later retreated due to fears of a recession and its impact on demand.    https://www.mawazin.net/Details.aspx?jimare=225565

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Goldilocks "Gold is the Bridge into the New Economy" 4-28-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted comments this morning:

Treasury yields are slipping to lower numbers this morning because of economic data and the FEDS one more possible rate hike. 

Due to the economy tightening up and less liquidity coming through, the markets are expected to begin their journey towards real values. 

This is why the rate hike season will be over next week if we even get one depending on what happens today. 

Right now, the markets are in red. As we discussed earlier this week, this is a day of concern on the market. 

It is a pivotal moment for the markets. They will be looking for a leader. If the dollar cannot provide it, gold will and rise to move our markets toward higher ground eventually. 

It is hard to reverse the course of a market with a debt so great. Only gold will have the power to carry the weight of our markets on its shoulders and move us into higher ground.

This is the great pause we have been looking for in the markets. It will require policy changes to move forward. 

The movement toward a market bottom is underway. This doesn't mean we will not have bounces like we had yesterday, but they will be short-lived. 

With a much lighter workforce, there is nothing to mobilize the dollar to move higher. Look for it to begin leveling off with other currencies around the world. This leveling off will allow them to move higher.

Nothing looks good across all markets.

Gold is the bridge into the new economy.

Gold is backing all of our assets across the board through a new tokenized market and economy. It's time to prepare ourselves and walk across it.

All roads lead to gold. Expect a repricing event in gold at any moment. Gold will set us free.

© Goldilocks

~~~~~~~~~~

Dee, Sam, and myself have another meeting today with our CBI Banker contact in Iraq. 

It is the third day in a row. The first day's agenda was on the market. Yesterday's conversations focused on the digital economy. Today, we are talking about gold. 

Gold is our liquidity folks for everything including our currencies. 

© Goldilocks

~~~~~~~~~~

The Iraqi money is backed by foreign exchange, treasury notes and precious metals such as gold.

Their recent Banking Reforms have allowed movements towards establishing banking protocols. It puts them into a position of having a set of standards allowing them to move into the International stage.

Gold + Banking Standards/Protocols = Gold Standard

Iraq's currency is backed by gold. This is their moment, and why, we have a meeting on gold today. 😉

© Goldilocks

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

"Tidbits From TNT" Friday 4-28-2023

TNT:

CandyKisses:  UAE invites Sudanese to participate in global summit in Dubai

Baghdad - Iraq today:

Prime Minister Mohammed Shia Al-Sudani received an official invitation to attend the World Climate Action Summit in Dubai.

A statement by his office said that "Prime Minister Mohammed Shia Al-Sudani received an official invitation from the Ruler of Dubai, Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates, delivered to him by the UAE Chargé d'Affaires in Baghdad, to attend the (World Climate Action Summit), which represents the official launch of the UAE Climate Conference, for the period from 1 to 2 December 2023."

"During the meeting, they discussed the relations between Iraq and the UAE, and ways to upgrade and develop them, especially the economic and investment aspect, for which the government has placed a wide space in its government curriculum," the statement added.

"The conference, which is a global platform to discuss climate issues, aims to support the process of climate negotiations between the countries of the world, in order to find effective and equitable solutions, and unify efforts to reduce the effects of climate change and promote sustainable economic development," he added.

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Tishwash:  Financial inclusion activities will start on Tuesday with the participation of governmental and private banks

The banking sector begins to participate in the activities of financial inclusion, which is scheduled to start next Tuesday under the auspices of the Central Bank of Iraq and the Association of Private Banks, and with the participation of governmental and private banks.

Banks are reviewing banking services to customers, the use of electronic payment tools, POS devices, and the culture of electronic payment, which the government seeks to generalize the experience to all private and public sector institutions, and to open savings and current bank accounts. 

The locations where the financial inclusion activities will be held have been identified.. To view them, click here

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CandyKisses:  More than 154 million for foreign transfers: Central Bank of Iraq sales approached $ 200 million

The correspondent of Shafaq News Agency stated that "the Central Bank sold today during its auction for the sale and purchase of US dollars, 187 million, 235 thousand and 328 dollars, covered by the bank at a base exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards and at a price of 1310 dinars per dollar for foreign transfers and at a price of 1310 dinars per dollar in cash.

Our correspondent added that most of the sales of the dollar went to strengthen balances abroad in the form of (transfers, credits) by 154 million, 835 thousand and 328 dollars, while the rest of 32 million and 400 thousand dollars went in the form of cash sales.

Our correspondent pointed out that the banks that bought the cash dollar amounted to 8 banks, while the number of banks that met the requests to enhance balances abroad reached 16 banks, while the total number of exchange and brokerage companies participating in the auction was 59 companies.

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Tishwash:  Parliamentary Finance details budget allocations: the numbers will change

 The Parliamentary Finance Committee announced the budget allocations, while setting a date for its approval in Parliament.

Committee member Mueen Al-Kadhimi said during a televised dialogue followed by the obelisk, that the Finance Committee has started continuous meetings and hosted the Ministry of Planning to discuss the budget, indicating that supporting investment in the budget is a priority for Parliament, as the amounts allocated for investment in the budget amount to 49 trillion dinars.

He added that some numbers will change in the budget, as 1.6 trillion dinars were allocated to complete the port of Faw, while 10 trillion dinars were allocated to the Ministry of Health, and 14 trillion dinars to the Ministry of Interior, while the budget of the popular crowd amounted to 3.7 trillion dinars.

He added that the budget of the Ministry of Education will amount to more than 11 trillion dinars.

He stressed that Parliament will approve the budget during the next month, calling on the provinces to prepare their projects in preparation for approving the budget.

He concluded his speech by saying that the budget deficit will bear great burdens in the future, indicating that there is great cooperation to pass the budget.  link

CandyKisses:  COFFEE MAKES MY MORNINGS...

Mot: ..... True Story!!! - LOL --- Golfing is in there too!!! 

Friday Morning Iraq Economic News Highlights 4-28-23

Friday Morning Iraq Economic News Highlights 4-28-23

Al-Baydani Explains The Reasons For The Decline In The Exchange Rate Of The Dollar And The Convergence Of The Value Between The Official And The Parallel

Information / Baghdad.. Economic affairs specialist Hisham Al-Baydani explained, on Friday, the reasons for the decline in the exchange rate of the dollar in the parallel market, pointing out that there is a convergence in value between the official offering of the state and the parallel market.

Al-Baydani told Al-Maalouma, that “reducing the gap between the parallel and official price in the local markets will continue until it reaches a negligible difference in the coming period, for many reasons, including the ease of real merchants obtaining dollars through official outlets, after many of them avoided dealing directly.” For concerns related to tax and other reasons, in addition to the platform accepting nearly eighty percent of requests for those wishing to obtain hard currency.

He added, "Despite what the dinar situation has gone through in the past period, Iraq has begun to gain something from regulating its foreign trade after it remained in the past years without clear data or controls regulating the work of its trade, which led to a large withdrawal of the dollar through bills, most of which are forged with the aim of smuggling." Or even money laundering, especially since many regional countries do not have hard currency liquidity easily, as is the case in Iraq. LINK

A Sudanese Advisor Expects The Official And Parallel Dollar Prices To Match Within Weeks

Time: 04/28/2023 Read: 1,053 times  Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected that the official dollar exchange rates and the parallel market would match within weeks.

"We expect that, within a few weeks, there will be a match between the two prices," Saleh said to the Euphrates News Agency, noting that "this match is if the difference between them is 2%, then it is considered a match."

He added, "The matching of the parallel exchange rate to the official exchange rate depends on the extent of disclosure of the licensed banks to the electronic compliance platform, by giving the correct information and adhering to the controls and transfers in a greater way, which helps to match the official parallel price."

He pointed out that "there is a high degree of adaptation in foreign transfers, which represent 80% of the demand for the dollar, and at the same time, checking the data has become easier."

It is noteworthy that the exchange rate of the dollar in the parallel market (local stock exchanges) recorded a noticeable decrease in the past days, and yesterday it reached 1410 dinars to the dollar. LINK

Parliamentary Finance: Next Week, Five Ministers Will Be Hosted As Part Of The Budget Discussions[/Size]

A member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed, on Thursday, that it will host 5 ministers next week to discuss the mechanisms for distributing projects and passing the budget.

Al-Karawi said, in a press interview seen by “Takadum”, that “the pace of movement around the 2023 budget will escalate at the beginning of next week, and 4-5 ministers, including Finance and Planning, will be hosted by the Finance Committee in order to develop a narrative on some items of the 2023 budget, which is the largest in terms of amount of money allocated to it.

He added, "The file of the fiscal deficit is still a real source of concern for us, with its high percentage compared to the budget, and all efforts are directed towards reducing it significantly, with the need to pay attention to the borrowing file, whether internally or externally, to avoid pressure in terms of accumulating interest debts."

He pointed out, "The next two weeks, the picture will be clearer regarding a number of important points in terms of the entitlements of the segments, the financing of the provinces, and the size of the fiscal deficit."    https://takadum-news.com/archives/161443

Can The Budget Be Amended By Changing Oil Prices? A Legal Expert Explains

The legal expert, Ali Jaber Al-Tamimi, explained the possibility of amending the budget law after voting on it in Parliament in the event of a change in the oil price at less than the amount specified for a barrel in the budget that Prime Minister Muhammad Shia’a Al-Sudani handed over to the House of Representatives.

Al-Tamimi said in a press interview seen by “Takadum” that “merging budgets for the next three years is possible constitutionally and legally, as indicated by Article 78 of the Constitution and Article 4, Paragraph 2, of the Financial Management and Public Debt Law No. 6 of 2019.”

He added, "The aforementioned legal article has authorized the merger in budgets, which are medium-term for the next three years, and the first year is obligatory, and the two subsequent budgets are subject to amendment by Parliament and according to circumstances."

And he indicated that “making the amendment is appropriate to the philosophy of budget legislation, which is a future financial plan that prevents the delay in legislation and can estimate the value of oil and the price of the dollar, and determine appointments and jobs with complete stability.”

https://takadum-news.com/archives/161445

Deputy: The Government Gave 3 Assurances Regarding The 2023 Budget

A member of the Parliamentary Legal Committee, Representative Salem Al-Anbuge, confirmed, on Thursday, that the government has given 3 assurances regarding the 2023 budget.

Al-Anbugi said in a press interview seen by “Takadum”, that “Iraq’s conditions are difficult in various directions, especially since it emerged from a fierce battle with the most dangerous organization at the level the world and succeeded in overcoming great risks in the past years,” pointing out that “the budget file is very important and important because it is the most important law in the conduct of the state’s financial affairs.”

He added, "The 2023 budget includes many items that directly concern us, but the Sudanese government gave 3 important reassurances regarding the financial deficit, loans, and the provision of funds to all state institutions," noting that "the government is concerned with managing the budget items after its approval."

He pointed out that “reducing the deficit by half is very likely and there is movement in this direction,” stressing that “the budget will be decided within 3-4 weeks at the latest, and it will enter into force after that.”

Parliament committees are conducting extensive discussions in order to resolve the items of the 2023 budget for approval as soon as possible.   https://takadum-news.com/archives/161482

Economic Expectations For The Continued Decline Of The Dollar.. “It Will Reach The Official Price”

Today, Thursday, the economist Nabil Al-Ali expected the dollar exchange rate to continue declining in the parallel market, while the dollar price was likely to reach 1320 thousand dinars.

Al-Ali said in a press interview seen by “Takadum”, that “the central bank’s procedures were able to pass a lot of remittances, and only simple things were left,” stressing, “There was no need for irregular remittances, and therefore the exchange rate of the dollar decreased, and a conviction was generated on the street.” The Iraqi government will not raise the price of the dollar.

He added, "The price of the dollar at the beginning of the week will settle at 1320 thousand dinars per dollar, and it will be sold in the market to the citizen at 1320 or 1330 as a maximum."

The economist explained, "The bad scenario that was proposed earlier has been exceeded, and the decision to reduce the official exchange rate to 1,300 dinars was able to limit the increasing rise in the exchange rate, which had it not been for, it would have reached the threshold of 200,000 dinars for every 100 dollars."

The exchange rates are witnessing a significant decline compared to the previous months, until the exchange rate reached 141,000 dinars compared to 100 dollars, amid expectations that the exchange rate in the local markets would reach the official price set (1320) thousand dinars in the coming days.

https://takadum-news.com/archives/161499

A Political Agreement On A Specific Date "Not To Be Exceeded" For Approving The Budget

Baghdad today – Baghdad   Today, Thursday, Representative Zahra Al-Bajari revealed the existence of a political agreement to pass the budget no later than the end of next May, which means that June does not come before the budget is approved.

Al-Bajari said, in a statement to "Baghdad Today", that "the committee started hosting ministries and heads of parliamentary committees for the purpose of final agreement on the final figures for each ministry."

Al-Bajari ruled out approving the budget law before the end of next month, because the Finance Committee is currently working to listen to independent bodies and ministries for the purpose of discussing them separately to start transfers between the chapters of budget allocations.

Al-Bajari added, "The parliamentary political opinion agreed on the budget legislation before the beginning of June."   LINK

Deputy: The Government Gave 3 Assurances Regarding The 2023 Budget

A member of the Parliamentary Legal Committee, Representative Salem Al-Anbuge, confirmed, on Thursday, that the government has given 3 assurances regarding the 2023 budget.

Al-Anbugi said in a press interview seen by “Takadum”, that “Iraq’s conditions are difficult in various directions, especially since it emerged from a fierce battle with the most dangerous organization at the level the world and succeeded in overcoming great risks in the past years,” pointing out that “the budget file is very important and important because it is the most important law in the conduct of the state’s financial affairs.”

He added, "The 2023 budget includes many items that directly concern us, but the Sudanese government gave 3 important reassurances regarding the financial deficit, loans, and the provision of funds to all state institutions," noting that "the government is concerned with managing the budget items after its approval."

He pointed out that “reducing the deficit by half is very likely and there is movement in this direction,” stressing that “the budget will be decided within 3-4 weeks at the latest, and it will enter into force after that.”

Parliament committees are conducting extensive discussions in order to resolve the items of the 2023 budget for approval as soon as possible.   https://takadum-news.com/archives/161482

The Three-Year Budget... A Guarantee For The Implementation Of The Government Program

Posted On2023-04-28 By Sotaliraq  Baghdad: Hussein Thaghb Al-Tamimi   A new mechanism for approving the federal budget comes to support developmental trends and is supportive of the stages of work for a period of three years. The matter requires adjustment in the two-year budgets 2024-2025, at the request of the executive authority itself, and thus the executive authority in its ministries, governorates, and agencies can implement its ministerial curriculum to the fullest and in a sustainable manner.

Financial advisor to the Prime Minister, Dr. The appearance of Muhammad Salih said: “Fiscal policy for the first time in the history of the general budget in Iraq practices the principle of medium-term financial planning, which is based on the provisions of Article 4/Second of the Federal Financial Management Law in force No. 6 of 2019 as amended.”

He added, “Despite the commitment to the annual budget, which is defined on the basis of the fiscal year that begins on (1/1) of each year and ends on (12/31) of the same year, as stated in the provisions of Article 1/ Ninth of the same law above, as well as in the introduction to the article.

Fourth / Second of the law also above, however, the development factor and the nature of maintaining the strength and unity of the flow of funds for the new strategic investment projects and the proposed development funds in terms of investment spending, required financial sustainability and stability in the executive activity without interruption imposed by the legislative process on the subject of the annual budget (i.e. avoiding Legislative sclerosis as a result of the annual budget approval).

He pointed out that “the implementation of the development and service items of the ministerial curriculum that was adopted by the government during its executive life, and which was approved by the House of Representatives last October, requires, within the framework of a sustainable financial policy, the application of a medium-term general budget for the years 2023-2025, as the provisions for implementing a law will be The general budget is binding for the year 2023, but it is subject to amendment by the government in other years, with the approval of the House of Representatives, when needed.

Thus, Article 4/Second of the Financial Management Law No. 6 of 2019 as amended, which was approved in the three-year budget, stipulates the following: The annual budget starts from (1/1) and ends on (12/31) of the same year, and the Federal Ministry of Finance has the right to prepare an average budget The term is for a period of (3) years, presented once and enacted, and the first year is obligatory, and the Council of Ministers, based on a proposal from the Ministries of Finance and Planning, may amend it for the second and third years and with the approval of the Council deputies.

Saleh stressed that “the legislation will be enforceable for the second and third years of the life of the financial plan, and there is no need for the legislative authority to intervene except when the matter requires adjustment in the budgets for the two years 2024-2025 and at the request of the executive authority itself, and this is what will provide a stable legislative cover for fiscal policy in particular and economic policy in general, In order for the executive authority in its ministries, governorates, and agencies to implement its ministerial curriculum in the fullest and sustainable way.

Financial expert d. Mahmoud Dagher said: “It was mentioned in the Financial Management Law a paragraph that allows setting up a financial plan for three years that is embodied in the possibility of presenting three budgets at once to the House of Representatives, the first of which is binding and the other two are modified accordingly. This paragraph was employed by the government, provided that the budget for the year 2023 and the total Its establishment is 199 trillion dinars, and the budget for the next two years will be of the same financial size, and it will be repeated.

Dagher preferred to present an actual budget for three years, and in this way I find it more beneficial for the country than presenting a budget for one year and repeating it for the next two years. LINK

Awake-In-3D: Can individual States initiate a GCR and Gold-back the US Dollar at the State level? Yes!

Awake in 3D:

Forget America’s Federal-issued Fiat currency - can individual States initiate a GCR and Gold-back the US Dollar at the State level? Yes!

We always hear that the USA is holding up Our GCR, yet individual States are moving forward with gold and silver legislation.

Can they do this?

The United States Constitution’s Framers (in 1787) were mindful of the hardships brought by continentals, the fiat paper money issued by the Continental Congress to finance the Revolution.

Notable Founders — including Thomas Jefferson, George Washington, James Madison, and Thomas Paine — warned about the ravages of issuing unbacked currency.

That’s why the Constitutional Convention overwhelmingly embraced gold and silver.

Washington wrote that paper money was “wicked.”

Madison called it “unjust” and “unconstitutional.”

Jefferson wrote that “its [paper money’s] abuses also are inevitable and, by breaking up the measure of value, makes a lottery of all private property.”

Following the example envisioned by the Founding Fathers and described in Article I, Section 10 of the United States Constitution, states should reaffirm gold and silver as a tender in payment of debts.

Article I, Section 10 of the United States Constitution:

“No State shall … coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts …”

That’s why sound money activists are launching exciting initiatives at the state level to challenge the monetary monopoly of the Fed. From Alabama to Wyoming, states across the U.S. continue to pass legislation to eliminate taxes on gold and silver, establish in-state depositories, protect state taxpayer funds with sound money, and more.

For USA residents - To research where your state is in all of this, click the link below.
Source: @GCR_RealTimeNews 

————————————-

https://www.soundmoneydefense.org/sound-money-index 

Many Blessings,

Ai3D

Iraqi News Highlights Evening 4-27-23

Iraqi News Highlights Evening 4-27-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank: The Cash Payment Of The Dollar Has Become Disciplined With The Procedures Of The Electronic Platform

Economy     04-24-2023, 20:49  Baghdad – conscious  The Central Bank confirmed, today, Monday, that the  cash payment of the dollar has become disciplined with the procedures of the electronic platform, which prompted a decline in its price in the market, because it has become available through the platform.

The Central Bank's advisor, Ihsan Al-Yasiri, told the Iraqi News Agency (INA), that "all merchants, including small merchants, have become able to obtain dollars through the electronic platform, and the cash payment of dollars has become disciplined with the procedures of the platform." 

He added, "In light of this, it is natural for the dollar to begin to decline in front of the dinar in the market for its normal price set by the Central Bank,

because the dollar is a commodity like any other commodity whose purchase requests are met."  And he continued:

“As long as the dollar purchase requests are met through the platform, there will remain no reason for the merchant to sell in dollars, and

we hope that the sale will be in dinars only because it is the country’s currency, and secondly,

there is no reason to stick to a specific price, because the dollar is available to those who ask for it, such as the merchant and those who need to travel for treatment, the traveler and the student who is studying.” outside".    https://www.ina.iq/183609--.html

The Prime Minister Directs The Formation Of A Committee To Install Electronic Payment Points (POS) In All Institutions

Political     26-04-2023, 20:20  Baghdad – conscious  Today, Wednesday, the Prime Minister, Muhammad Shia'a Al-Sudani, directed the formation of a committee of representatives of ministries, governorates, and government banks, to install electronic payment points (POS) in all institutions.

The media office of the Prime Minister stated, in a statement received by the Iraqi News Agency (INA), that,  "Today, Al-Sudani chaired a meeting of the Committee for the Localization of Salaries and the Unified Treasury Account, in the presence of the Governor of the Central Bank of Iraq and the Minister of Finance, advisors to the Prime Minister, and the general managers of the Rafidain, Al-Rasheed and Iraqi banks."

Trade, and the representative of the Federal Office of Financial Supervision.

 He added, "During the meeting, the Prime Minister listened to a briefing by the Minister of Finance on the ministry's procedures regarding the unified public treasury system, the progress of the process of nationalizing the salaries of state employees, and the procedures related to the application of the electronic payment points (POS) system."

Al-Sudani stressed, according to the statement, that "the delay in implementing the unified treasury account during the past years has caused many cases of corruption and abuse of public money,

the latest of which was the crime of stealing tax guarantee funds (theft of the century)." 

And he stressed "the need to address the matter by applying the unified treasury system to reduce corruption, indicating that the

continuation of the current situation makes the state not aware of the amount of its funds and accounts or the number of its employees," stressing that

"everyone who works to obstruct this project is considered a contributor to covering up corruption.”  Al-Sudani directed to

"accelerate the preparation of new standards, including the largest number of electronic payment companies, which number about 16, and to contract with companies that provide better services at lower costs."

He also directed to "form a committee of representatives of ministries, governorates, and government banks, to install electronic payment points (POS), in all institutions, and to

seek the help of international and foreign expertise to support the project and

encourage citizens to adopt it and deal financially through it."   https://www.ina.iq/183753--.html

The Anti-Money Laundering And Terrorist Financing Council Holds Its Regular Monthly Session For The Year 2023

April 26, 2023   The Anti-Money Laundering and Terrorism Financing Council held its regular monthly session today, Wednesday, 26/4/2023, chaired by the Chairman of the Council (His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq), and all members of the Council from ministries, agencies not associated with a ministry, and law enforcement agencies.

The Board reviewed the steps to prepare for the mutual evaluation of the Republic of Iraq,

which is expected to take place in the coming month of August, and took a number of decisions in this regard, in order for Iraq to maintain its advanced position in anti-money laundering measures that resulted in its exit from the gray area in the international classification in 2018.

The Council also discussed the developments in ransomware (electronic extortion) and considered it a predicate crime related to money laundering and terrorist financing.

He also raised the issue of illegal trade in antiquities and the need to identify a supervisory authority to report on financial transactions related to this trade.

 Central Bank of Iraq   information Office  26 - April – 2023   https://cbi.iq/news/view/2313

Economist: The Parallel Dollar Will Touch Its Official Rate After The Budget Is Approved

April 26 12:58 1 shares  Information/Baghdad...Economic expert Bassem Antoine confirmed today, Wednesday, that the exchange of the US dollar against the Iraqi dinar will touch its official rate after the approval of the budget, while he indicated that the  fifth column exploited the dollar file over the past months.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Antoine said in a statement, to Al-Maaloumah Agency, that "the government's and central bank's measures contributed to stopping the process of the dollar's rise, in addition to providing it in the local market through the electronic platform system, and obliging all licensed banks and exchange companies to work accordingly."

He added, "The fifth column team took advantage of the dollar's rise during the last period, as it was rumored that the exchange rate of one hundred US dollars would reach 200,000 Iraqi dinars." Antoine pointed out,

"The government and the Central Bank of Iraq's rapid and deliberate measures, by providing foodstuffs and  launching the electronic platform system for selling the dollar, prevented its further rise and contributed to its gradual decline during the past two days."

Today, Wednesday, the exchange rates of the dollar against the dinar witnessed stability at the dollar exchange rates in the local markets in all the country’s governorates, as the selling price reached 141,000 dinars per 100 dollars, while the purchase prices reached 139,000 dinars per 100 dollars, in the capital, Baghdad. https://almaalomah.me/news/economy/اقتصادي:-الدولار-الموازي-سيلامس-سعره-الرسمي-بعد-إقرار-المواز

Will The Dollar's Hegemony Fall? The Largest US Investment Bank Is Suspended

   April 26 17:11  Information/follow up.  With concern growing among many analysts about the dollar losing its status as the world's reserve currency,

Goldman Sachs (GS) stated that it does not believe the dollar era is over, believing that the dollar will remain dominant on the world stage for a long time.

Although GS acknowledges there is a clear risk if the US abuses its "exorbitant privileges", the bank believes dedollarization is "just a lot of talk (again), not a lot of transaction".

"We don't see any evidence of that in the data yet (for example, Brazil's growing Chinese yuan reserve share has replaced the Canadian dollar, not the US dollar), and we are confident there is no real competitor currently," Goldman Sachs said. 

The bank stated that "some of the decline in the dollar's share can likely be attributed to stable market forces, as treasury bonds fell and Asian central banks sold their dollar holdings to counter the rise in the dollar last year."

Goldman Sachs analysts also noted that "in addition, the sanctions against Russia, Brazil's plans to implement yuan clearing agreements, speculation on the use of the yuan in commodity trade, as well as the banking crisis and the debt ceiling crisis in the United States are not enough to replace the role of the dollar in world reserves or in trade.”

Indeed, analysts believe that "other currencies still have to overcome many hurdles to reach the same status as the dollar," given the "depth of the capital market, the establishment of trust for access and the accompanying framework for legal and commercial billing and currency management systems."

https://almaalomah.me/news/economy/هل-ستسقط-هيمنة-الدولار-أكبر-بنك-استثماري-أمريكي-يعلق

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Iraqi News Highlights Thursday Afternoon 4-27-23

Iraqi News Highlights Thursday Afternoon 4-27-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Launches A System Of Banking Supervision Reports

Economy| 12:28 - 04/27/2023   Baghdad - Mawazine News  The Central Bank of Iraq announced, on Thursday, the launch of the Banking Supervision Reporting System (BSRS).

The bank stated in a statement, that “the new system will collect financial data from banks and non-bank financial institutions represented by (banks’ quarterly data tables, mandatory reserve reservation tables, trial balance tables for non-bank financial institutions, liquidity and capital adequacy tables, and financial inclusion data), In addition to the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes for these banks, companies and their branches.

The bank stated, “The system provides the banking control department and the various bank departments with a clear vision of the financial position of financial institutions by relying on the capabilities offered by modern technology in downloading and auditing data, which enables the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions faster and more accurately.” and enabling the bank to rectify potential risks within financial institutions.

The statement added, "The launch of the Banking Supervision Reporting System (BSRS) comes in implementation of the strategic goals set by the Central Bank of Iraq in developing institutional performance, upgrading banking control tools, and reducing risks by adopting regulatory techniques and automating activities and functions undertaken by the Central Bank and its departments to regulate the work of the banking sector." Iraqi." https://www.mawazin.net/Details.aspx?jimare=225506

Sumaisem: Reducing the budget deficit will keep Iraq away from the "foreign debt trap"

April 26  information / special..The economic expert, Salam Sumaisem, confirmed, on Wednesday, that setting a reasonable percentage of the deficit in the draft general budget will protect Iraq from falling into the trap of foreign debt that will result from passing what has been announced now,

adding that approving the budget for three consecutive years will lead to a recurrence of the fiscal deficit on Iraq and will increase the burden. on the economy.

Sumaisem said in an interview with Al-Maalouma agency,

"Failure to seek to reduce the budget deficit will contribute to the exacerbation of external debt for three consecutive years," noting that

"fixing a reasonable percentage will protect Iraq from falling into the debt trap that will result from the deficit established in the budget."  

 And she continued, "Continuing not to seek to reduce the budget deficit will contribute to the exacerbation of external debt for three consecutive years," pointing out that

"passing the deficit rate at 63% in the budget means that the volume of spending will lack economic feasibility."

And Member of Parliament Muhammad Al-Shammari described, in an interview with Al-Maaloumah Agency, that

“the deficit of the tripartite budget for the year 2023 is disturbing and surprising,” noting that

“there is a parliamentary move in order to start reducing the percentage to less than what has been announced at the present time.”

' https://almaalomah.me/news/economy/سميسم:-تخفيض-عجز-الموازنة-سيبعد-العراق-عن-فخ-الديون-الخارجية

The Iraqi Stock Exchange Announces The Weekly Trading Indicators

Economy| 02:07 - 04/27/2023   Baghdad - Mawazine News  The Iraq Stock Exchange announced today, Thursday, the weekly trading indicators.

According to a statement received by Mawazine News, "The Iraq Stock Exchange organized during the fourth week of April 2023 three trading sessions, from Tuesday, corresponding to 04/25/2023, to Thursday, corresponding to 04/27/2023, as trading sessions were not organized for today." Sunday 04/23/2023 and Monday 04/24/2023 to be considered an official holiday.

The statement added, "During this week, the following indicators were achieved:

1. The number of shares traded during this week amounted to more than (1) billion shares.

2. The value of shares traded this week amounted to more than (2) billion dinars.

3. The trading index closed In the market for the first session of the week at (728.12) points, while the index closed at the end of the week at (697.63) points, achieving a decrease of (4.37%) from its closing at the beginning of the session.

4. During the week, more than (2000) buying and selling contracts were executed on the shares of companies listed in the market.” https://www.mawazin.net/Details.aspx?jimare=225515

The Central Bank Sells Nearly $200 Million In A Currency Auction

Economy   Thursday, April 27, 2023 Baghdad / National News Center  Today, Thursday, the Central Bank of Iraq announced its dollar sales through the electronic window.The central bank sells nearly $200 million in a currency auction   https://nnciraq.com/202034/

A Slight Increase In The Exchange Rates Of The Dollar On The Local Stock Exchange

Thursday 27, April 2023 | Economical Number of readings: 274  Baghdad / NINA / - The exchange rates of the dollar on the local stock market increased slightly today, Thursday.

The selling price was recorded at 141,500 dinars for one hundred dollars, and the purchase price was 140,500 dinars for one hundred dollars.  https://ninanews.com/Website/News/Details?key=1049558

Oil: Revenues Last Month Amounted To More Than $7 Billion

Economy| 10:57 - 04/27/2023   Baghdad - Mawazine News   The Ministry of Oil announced, on Thursday, that revenues for the month of March amounted to more than $7 billion.

The ministry stated, in a statement received by Mawazine News, that "the total exports of crude oil for the month of March amounted to 100 million and 913 thousand and 27 barrels, with revenues amounting to 7 billion and 506 million and 401 thousand dollars."

He added, "The total exported quantities of crude oil for the month of March from the oil fields in central and southern Iraq amounted to 98 million and 875 thousand and 692 barrels, while the quantities exported from Kirkuk oil through the port of Ceyhan were 1 million and 727 thousand and 494 barrels," noting that "the average The price of one barrel amounted to (74,385) dollars.

And he indicated that "the exported quantities were loaded by (35) international companies of several nationalities, from the ports of Basra, Khor al-Amaya, the mono-buoys on the Gulf, and the Turkish port of Ceyhan."    https://www.mawazin.net/Details.aspx?jimare=225499

Central Bank Governor: Launching An Initiative To Finance Renewable Energy Projects

Economy| 10:49 - 04/27/2023 Baghdad - Mawazine News, Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, affirmed, on Thursday, the Central Bank's support for the government program in finding sustainable solutions to limit the impact of climate change, while referring to enhancing inclusiveness to finance the green economy.

Al-Alaq said in a speech on the occasion of the Financial Inclusion Week, "The Central Bank supports the government program in finding sustainable solutions to reduce or reduce climate changes and desertification."

He continued, "From this standpoint, we launched an initiative to finance renewable energy projects, and we are also working to urge the financial and banking sector to support projects and sectors that contribute to the services of environmentally friendly products."

Alaq added,  He pointed out that, "in conjunction with the recommendations of the Iraqi Climate Conference to reduce climate risks to the country, international data ranked Iraq among the five countries most affected by climate change in the world." https://www.mawazin.net/Details.aspx?jimare=225498

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Goldilocks "All Roads Lead to Gold" 4-27-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted comments and links:

"The debt limit “x date” — when the Treasury Department is at risk of running out of cash and wiggle room under the borrowing cap to pay bondholders and other obligations — will hit as early as June.

 The exact timing will depend in large part on tax receipts the Treasury is still analyzing, but the department plans to release an updated forecast later this week or next."

It looks like we have a standoff on the debt ceiling. The two parties are now forced to come to the table and negotiate.

If the debt ceiling does not pass, we will see the effects of this motion in June inside our economy.

June is shaping up to be a make or break deal for our country. Either way this scenario goes, our economy is about to be reshaped and reset.

As we have talked about before in this room, the revaluation of everything began March the 20th and goes until June 30th.

© Goldilocks

https://www.rollcall.com/2023/04/26/house-passes-1-5-trillion-debt-limit-increase-spending-cuts/

~~~~~~~~~~

The Stellar Network is receiving a big boost of liquidity for the digital monetary economy.

"Franklin Templeton's online US government money fund goes live on the Stellar Network."

The process of asset tokenization backed by real world values such as commodities is bringing a boost to the new digital banking system.

This new asset allocation from Franklin Templeton will begin to influence new pricing mechanisms across all sectors of the new digital market.

Institutional money is beginning to make its way into the markets and banking system.

When big money goes into the economy, it is meant to influence and support the direction of a new economy they are investing in going forward.

The old guard is falling away as the new quantum financial system is rising from the ashes.

 © Goldilocks

https://ambcrypto.com/franklin-templetons-onchain-u-s-government-money-fund-goes-live-on-stellar/

~~~~~~~~~~

The Central Bank of Iraq launches a system that enables the remediaation of potential financial risks

https://search4dinar.wordpress.com/2023/04/27/the-central-bank-of-iraq-launches-a-system-that-enables-the-remediaation-of-potential-financial-risks/

~~~~~~~~~~

"Countries are using gold to rebel against the U.S. dollar as BRICS' influence grows."

The dollar has met its match. The days of weaponizing the dollar is over, and gold is rapidly becoming the great equalizer. We clearly have a currency war going on at this point.

Throughout history, gold has always won this war and treaties are signed as new deals are made between countries.

Gold is gaining traction and influence around the world. Look for a repricing event on gold, and a new global economy will emerge.

All roads lead to gold.

© Goldilocks

https://www.kitco.com/news/2023-04-25/Countries-are-using-gold-to-rebel-against-the-U-S-dollar-as-BRICS-influence-grows.html

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Some "Thursday News" Posted by Clare at KTFA 4-27-2023

KTFA:

Clare:  5 Arab countries are preparing to join the "BRICS" group of countries...Is Iraq among them?

4/27/2023

According to a report by Bloomberg Agency, 19 countries have expressed interest in joining the "BRICS" group of countries, including 5 Arab countries.

In this context, Anil Soklal, South African ambassador to the group, said in an interview that the block of emerging markets in Brazil, Russia, India, China and South Africa will meet in Cape Town on June 2-3 to discuss its expansion, adding, "What will be discussed is the expansion of the BRICS group." And how that happens.

He added, "13 countries have formally requested accession, and six others have requested informally. We are receiving requests to join every day."

I started China The conversation was about enlargement when she was chair of the BRICS group last year, as she tries to build diplomatic leverage to counter the dominance of developed countries at the United Nations. The proposed expansion sparked concern among other members that their influence would be diminished, especially if close Beijing allies were accepted. China's GDP is more than twice the size of all the other four BRICS members combined, according to the agency bloomberg.

Soklal said that the foreign ministers of the five member states have all confirmed that they will attend the discussions in June. In addition to its membership, they will also discuss the "hot spots" that are on the scene right now, including Sudan.

Since its formation as Brick group In 2006, the group added only one new member, a South African in 2010.

Soklal said in February that Saudi Arabia and Iran were among the countries that formally requested to join. Other countries that have expressed interest in joining include Argentina, the United Arab Emirates, and Algeria Egypt and Bahrain and Indonesia, along with two countries from East Africa and one from West Africa - which he did not specify.

Revealed the Russian Foreign Minister Sergey Lavrov Earlier, the "BRICS" group will discuss the initiative to create a single currency among the member states, during the summit to be held in South Africa.

According to the South African ambassador to BRICS, the group intends to adopt its decision this year regarding the admission of new members, as well as specifying the criteria that countries wishing to join the alliance will have to meet, including Saudi Arabia and Egypt and other countries that have formally applied to join the alliance.

The name of Saudi Arabia was circulated to join the group, especially after the differences between Riyadh and Washington recently flared up due to the disagreement on oil prices and production. He was the Russian president Vladimir Putin He had said earlier that his country supports Saudi Arabia's accession to the BRICS group, praising Saudi Arabia's plans to "diversify its economy" and its "leading position in the oil markets."

However, the news of Saudi Arabia's desire to join BRICS began with the president's remarks South Africa Cyril Ramaphosa, who stated, after his visit to Saudi Arabia at the end of last year, that the latter had expressed its willingness to join the organization. The news was first reported by the media South Africa During a press conference by President Ramaphosa, who also stated that it is not only Saudi Arabia that wants to join.

On the other hand, Egypt has officially become a new member of the New Development Bank established by the BRICS countries, after a friend of Egyptian President Abdel Fattah El-Sisi approved Resolution No. 628 of 2023 regarding the approval of the agreement to establish the New Development Bank of the BRICS grouping and the document for Egypt's accession to the bloc. the bank.

The importance of this step is that it is the beginning of official cooperation between Egypt and the BRICS countries, which then paves the way for Egypt's access to the organization.

This comes in conjunction with Egypt's recent suffering from a scarcity of foreign currencies, and therefore some suggest that this step may be a breakthrough in the long-term crisis regarding exit from the mantle of the dollar, and a preparation for the inclusion of the Egyptian pound in international transactions, especially since the BRICS countries have the same goal, which is liberation from the dominance of the dollar and dealing in their local currencies.   LINK

************

Clare:  Next week .. the launch of a new experience in the world of government and private banking

4/27/2023

Next week, financial inclusion activities will start under the auspices of the Central Bank of Iraq and the Association of Private Banks.

The banking sector is preparing to participate in the activities of the Financial Inclusion Week, to be launched next week, under the auspices of the Central Bank of Iraq and the Association of Private Banks.

Many governmental and private banks participate in the events, which showcase banking services to customers, the use of electronic payment tools, pos devices, and the culture of electronic payment, which the government seeks to generalize the experience to all private and public sector institutions.   LINK

************

Clare:  Details of the meeting hosting the Parliamentary Finance of the Minister of Planning regarding the federal budget

4/27/2023

Parliamentary Finance discusses with the Minister of Planning the Federal General Budget Law 

 Chairman of the Finance Committee: It is necessary to review the course of the budget and its investment aspects for the sake of sustainable development and the preservation of the country's public money

 Parliamentary Finance confirms its intention to complete its discussions and expedite its submission for a vote in the House of Representatives

The Minister of Planning stresses the importance of the accuracy of the provisions of the budget law to preserve public money   LINK

Clare:  The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)

4/27/2023

Today, Thursday, the Central Bank of Iraq announced the launch of the banking supervision reports system.

A statement of the bank, received by the Iraqi News Agency (INA), stated that "it was decided to launch the Banking Supervision Reports System ( BSRS )", indicating that "the new system will collect financial data from banks and non-bank financial institutions, and unify the database of codes for these banks, companies and their branches."

He explained that "the system provides it with the financial status of financial institutions, enabling the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions faster and more accurately, and enabling the bank to remedy potential risks within financial institutions."   LINK

************

Clare:  Parliamentary Legal for / Nina /: Parliament will approve the budget before the start of its legislative recess

4/27/2023

 The Parliamentary Legal Committee has settled the controversy over approving the draft federal budget law, in conjunction with the legislative recess of the House of Representatives.

Committee member, Representative Raed Al-Maliki, stated, in a statement to the National Iraqi News Agency ( NINA ), that "the Parliamentary Finance Committee will proceed with joint meetings to host ministers and governors until the end of May, in order to complete the budget in its final form."

He added, "The legislative recess will start on the ninth of May, but the House of Representatives will extend its work for another month with the existence of the general budget, according to the internal system, and it will end approving the budget during the extension period before entering its legislative recess."

And he continued to say, “The changes that will affect the provisions of the budget law are related to paragraphs and items related to the financial side,” noting that “there are independent blocs and deputies who have reservations and observations. After approving the budget.   LINK

Thursday Morning Iraq Economic News Highlights 4-27-23

Thursday Morning Iraq Economic News Highlights 4-27-23

Al-Sudanese Financial Advisor Determines The Fate Of Iraqi Deposits In US Banks.. What Is Their Value?

The information / special.. The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Thursday, the fate of the reserves of the Central Bank of Iraq located in American banks, while determining the value of the "sovereign portfolio."

In an interview with Al-Maalouma Agency, Salih said, "Diversifying the central bank's reserves from various foreign currencies and various safe investment tools ensures its protection from legal and price risks," stressing: "There is no pressure exerted on diversifying reserves."

He added, "These reserves are usually invested in semi-liquid sovereign foreign debt instruments, such as remittances and treasury bonds managed by the governments of countries in the first industrialized world, especially debt instruments with high credit ratings and with appropriate interest, whether they are are American, European, Japanese and Chinese.”

Al-Sudanese financial advisor explained, "The investment portfolio of the Central Bank of Iraq (which includes the country's foreign reserves of various currencies and gold) is managed according to the optimal global standard ratios, which are formed in the currencies of the dollar, the euro, the pound sterling, the Chinese yuan, the Japanese yen and gold.”

Regarding the value of the sovereign portfolio, Saleh stated that "these currencies are worth about $115 billion in total," pointing out that "the US dollar invested in US bonds and transfers constitutes a weight of no less than 35-40% of those reserves." , since dollar oil revenues are the basic origin of the reserves, and that the oil market is mainly a dollar market, since its inception before the First World War until now.

The Ministry of Oil announced, today, Thursday, the final statistics for the revenues of last March, while confirming that it amounted to more than 7 billion dollars.

And the revenues from oil exports and sales from Iraq to the rest of the countries go to the Federal Central Bank, which controls the form of Iraqi deposits, which causes popular and political anxiety as a result of Washington's control of the hard currency. LINK

Al-Alaq And The Minister Of Finance Put Al-Sudani On The Latest Developments In The “Digitization Of Salaries And Government Spending” File

Baghdad-Iraq today:   Prime Minister Muhammad Shayaa Al-Sudani presided over a meeting of the Committee for the Localization of Salaries and the Unified Treasury Account, in the presence of the Governor of the Central Bank of Iraq and the Minister of Finance, the Prime The Minister's advisors, the general managers of Al-Rafidain, Al-Rasheed and Al-Iraqi Trade Banks, and the representative of the Federal Office of Financial Supervision. 

During the meeting, according to a statement by his media office, Al-Sudani listened to "a briefing by the Minister of Finance on the ministry's procedures regarding the unified public treasury system, the progress of the process of settling the salaries of state employees, and the procedures related to the application of the electronic payment points (POS) system.” 

Al-Sudanese stressed that "the delay in implementing the unified treasury account during the past years has caused many cases of corruption and abuse of public money, the latest of which was the crime of stealing tax guarantee funds (theft of the century)." 

And he stressed "the need to address the matter by applying the unified treasury system to reduce corruption, noting that the continuation of the current situation makes the state not aware of the amount of its assets and accounts or the number of its employees." 

The prime minister affirmed that "anyone who works to obstruct this project is considered a contributor to covering up corruption." 

Al-Sudanese directed "to expedite the preparation of new standards, which include the largest number of electronic payment companies, which number about 16, and to contract with companies that provide better services at lower costs."

He also directed "to form a committee of representatives of ministries, governorates, and government banks, to install electronic payment points (POS), in all institutions, and to seek the help of international and foreign expertise to support the project and encourage citizens to adopt it and deal financially through it.”   LINK

More Than 154 Million For Foreign Remittances: The Iraqi Central Bank’s Sales Approached 200 Million Dollars

2023-04-27 Shafaq News/ The Central Bank's sales of dollars in an auction today, Thursday, amounted to about 200 million dollars.

Shafaq News Agency reporter stated, "The Central Bank sold today, during its auction for buying and selling US dollars, 187 million, 235 thousand and 328 dollars, which the bank covered at a basic exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for foreign transfers." At a price of 1310 dinars per dollar in cash.

Our correspondent added; Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits) at 154,835,328 dollars, while the rest of 32,400,000 dollars went in the form of cash sales.

Our correspondent indicated that the number of banks that bought cash dollars amounted to 8 banks, while the number of banks that responded to requests for strengthening balances abroad reached 16 banks, while the total number of exchange and mediation companies participating in the auction was 59 companies.   LINK

Iraq Reaps 7.5 Billion Dollars From The Sale Of Oil During March

Energy  Economy News _ Baghdad   Today, Thursday, the Ministry of Oil announced the achievement of more than $7 billion in crude sales in March.

According to the final statistics issued by the Iraqi Oil Marketing Company (SOMO) and viewed by Al-Eqtisad News, the total oil exports and revenues achieved for the month of March, the amount of exports of crude oil amounted to (100) million and (913) thousand and (27) barrels. With revenues amounting to (7) billion and (506) million and (401) thousand dollars.

The statistics indicated that the total exported quantities of crude oil for the month of March from the oil fields in central and southern Iraq amounted to (98) million (875) thousand (692) barrels, while the exported quantities of Kirkuk oil through the port of Ceyhan were one million (727) million. ) thousand and (494) barrels.

The Ministry of Oil said in a statement that the average price per barrel amounted to (74,385) dollars.

The statement added that the exported quantities were loaded by (35) international companies of several nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf, and the Turkish port of Ceyhan.   https://economy-news.net/content.php?id=33847

Expert: Voluntary Reduction Of Oil-Producing Countries Will Open Fire On The US Economy

Information / Baghdad .. Oil expert, Hamza Al-Jawahiri, predicted, on Thursday, a rise in oil prices immediately after the announcement of the voluntary reduction of the producing countries, indicating that OPEC Plus knows that the confrontation with America will not end through this reduction.

Al-Jawahiri said, in a statement to Al-Maalouma, that “what is currently happening in terms of fluctuation in oil prices is a confrontation between OPEC Plus and America,” noting that “this confrontation will not end, as the latter is preparing for the real confrontation that will begin in a few days.”

He added, “America is currently seeking to reduce oil prices by pumping large quantities of strategic oil reserves that it has into the markets, while OPEC has sought to keep prices within the range of $80 through the voluntary reduction of one million and 660 thousand barrels.” per day, which will start as of the first of March.” next May.”

 He pointed out that "the reduction will eventually lead to a major blow to the US economy, and that amount cannot be compensated by any authorized party."    LINK

Iraq Market: More Than One Billion Shares Traded In 3 Sessions

Market  Economy News – Baghdad   The Iraqi Stock Exchange announced today, Thursday, the weekly trading indicators.

According to a statement received by "Al-Iqtisad News", "The Iraq Stock Exchange organized during the fourth week of April 2023 three trading sessions, from Tuesday, corresponding to 04/25/2023, to Thursday, corresponding to 04/27/2023, when trading sessions were not organized for today." Sunday 04/23/2023 and Monday 04/24/2023 to be considered an official holiday.

The statement added, “During this week, the following indicators were achieved:

1. The number of shares traded during this week amounted to more than (1) billion shares.

2. The value of shares traded this week amounted to more than (2) billion dinars.

3. The trading index in the market closed for the first session of the week at (728.12) points, while the index closed at the end of the week at (697.63) points, achieving a decrease of (4.37%) from its closing at the beginning of the session.

4. During the week, more than (2000) buying and selling contracts were executed on the shares of the companies listed in the market.   https://economy-news.net/content.php?id=33853

Repeatedly Stopping The Region's Oil Confiscations.. Puts It On The Abyss Of Bankruptcy

April 27, 2023  Baghdad / Obelisk Al-Hadath: Media outlets reported on an official source in the Ministry of Finance in the Kurdistan region of Iraq, that “the region incurred a loss estimated at 850 million dollars,” one month after stopping its oil exports, amid official fears that it would go bankrupt.

The suspension decision, which the federal government won as a result of a lawsuit before the International Court of Arbitration, reflected negatively on the region's economic conditions.

And the region in which the economy depends heavily on oil exports, the cessation of exports may lead to a sharp decline in economic growth and an increase in unemployment rates.

The longer the period of suspension of exports, the greater its impact on the exporting economy, as it may lead to exacerbation of financial problems and increase the chances of bankruptcy.

And the cessation of oil exports could lead to a sharp deterioration in the financial situation of the region, and increase the chances of bankruptcy.

Later, it was agreed between the region and Baghdad to resume oil exports.

According to circulating information that lacks official confirmation, the region has incurred a financial loss estimated at about $850 million since the decision to stop exporting its oil on the twenty-fifth of last March.

And in the event that the export cessation continues, the region is on the verge of an unprecedented state of bankruptcy.

Prime Minister Muhammad Shia al-Sudani and the President of the Kurdistan Region, Nechirvan Barzani, agreed earlier this month to resume oil exports, and stressed that the direct technical authorities would immediately implement the agreement with Erbil.

Last month, Iraqi government circles talked about 4 basic items included in the agreement between the federal government and the Kurdistan region. The first included the export of 400,000 barrels of oil per day from Kurdistan through the National Oil Company “SOMO” and naming a representative of the region in the company, and this happened for the first time after years.

There were long disputes between the two sides, and it was also agreed that a Kurdish official would occupy the position of assistant to the head of the company (SOMO). However, the aforementioned agreements did not appear to be implemented yet.

In the region and even in Baghdad, the presence of alternative sources of income, such as agriculture, tourism and manufacturing, the impact of stopping exports may be much less on the economy.

https://almasalah.com/archives/50364

Parliamentary Legal For / Nina /: Parliament Will Approve The Budget Before The Start Of Its Legislative Recess

Thursday 27, April 2023 09:50 | Economical Number of readings: 486 

Baghdad / NINA /- The Parliamentary Legal Committee has settled the controversy over approving the draft federal budget law, in conjunction with the legislative recess of the House of Representatives.

Committee member, Representative Raed Al-Maliki, stated, in a statement to the National Iraqi News Agency ( NINA ), that "the Parliamentary Finance Committee will proceed with joint meetings to host ministers and governors until the end of May, in order to complete the budget in its final form.”

He added, "The legislative recess will start on the ninth of May, but the House of Representatives will extend its work for another month with the existence of the general budget, according to the internal system, and it will finish approving the budget during the extension period before entering its legislative recess."

And he continued to say, “The changes that will affect the provisions of the budget law are related to paragraphs and items related to the financial aspect,” noting that “there are independent blocks and deputies who have reservations and observations. After approving the budget.

https://ninanews-com.translate.goog/Website/News/Details?key=1049527&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The Three-Year Budget... A Guarantee For The Implementation Of The Government Program

 Economical  2023/04/27    Baghdad: Hussein Thaghb Al-Tamimi   A new mechanism for approving the federal budget comes to support developmental trends and is supportive of the stages of work for a period of three years, as it was based on legal legislation employed to make the budget in this way, and the legislation is enforceable for the second and third years of the life of the financial plan and there is no need for the intervention of the legislative authority except when it requires adjustment in my budget The two years 2024-2025 and at the request of the executive authority itself, thus enabling the executive authority in its ministries, governorates and agencies to implement its ministerial curriculum in the fullest and sustainable way.

Financial advisor to the Prime Minister, Dr. The appearance of Muhammad Salih said: "Fiscal policy for the first time in the history of the general budget in Iraq practices the principle of medium-term financial planning, which is based on the provisions of Article 4/Second of the applicable Federal Financial Management Law No. 6 of 2019 as amended."

He added, "Despite the commitment to the annual budget, which is defined on the basis of the fiscal year that begins on (1/1) of each year and ends on (12/31) of the same year, as stated in the provisions of Article 1/ Ninth of the same law above, as well as in the introduction to Article Fourth / Second of the law also above,

however, the development factor and the nature of maintaining the strength and unity of the flow of funds for the new strategic investment projects and the proposed development funds in terms of investment spending, required financial sustainability and stability in the executive activity without interruption imposed by the legislative process on the subject of the annual budget (i.e. avoiding Legislative sclerosis due to the annual approval of the budget).

He pointed out that "the implementation of the development and service provisions of the ministerial curriculum adopted by the government during its executive life, and which was approved by the House of Representatives last October, requires, within the framework of a sustainable financial policy, the implementation of a medium-term general budget for the years 2023-2025, as the provisions for implementing a law will be The general budget is binding for the year 2023, but it is subject to amendment by the government in other years, with the approval of the House of Representatives, when needed.

Thus, Article 4/Second of the Financial Management Law No. 6 of 2019 as amended, which was approved in the three-year budget, stipulates the following: The annual budget starts from (1/1) and ends on (12/31) of the same year, and the Federal Ministry of Finance has the right to prepare an average budget The term is for a period of (3) years, presented once and enacted, and the first year is obligatory, and the Council of Ministers, based on a proposal from the Ministries of Finance and Planning, may amend it for the second and third years and with the approval of the Council deputies.

Saleh stressed that "the legislation will be effective for the second and third years of the life of the financial plan, and there is no need for the intervention of the legislative authority except when it requires adjustment in the budgets for the two years 2024-2025 and at the request of the executive authority itself, and this is what will provide a stable legislative cover for fiscal policy in particular and economic policy in general, In order for the executive authority in its ministries, governorates, and agencies to implement its ministerial curriculum in the fullest and sustainable manner.

Financial expert d. Mahmoud Dagher said: “A paragraph was mentioned in the Financial Management Law that allows the development of a three-year financial plan that is embodied in the possibility of presenting three budgets at once to the House of Representatives, the first being binding and the other two being modified accordingly.

his paragraph was employed by the government, provided that the budget for the year 2023 and the total Its establishment is 199 trillion dinars, and the budget for the next two years will be of the same financial size, and it will be repeated.

Dagher preferred to present an actual budget for three years, and in this way I find it more beneficial for the country than presenting a budget for one year and repeating it for the next two years.

https://alsabaah.iq/75835-.html